Chandler, Inc. Chandler, Inc. is owned by Roscoe Chandler and provide.docx

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Chandler, Inc. Chandler, Inc. is owned by Roscoe Chandlerand provides appraisal services to individuals and companieswishing to purchase and sell fine art. Chandler, Inc. beganbusiness on January 1, 2017, and is just completing its firstyear of business. Roscoe asks for your help in completing theaccounting cycle for the company by assisting with theclosing process. Adjusted Trial Balance Before the closingentries are journalized, you begin with an adjusted trialbalance. The closing entries are essentially the link from theadjusted trial balance to the post-closing trial balance.Chandler, Inc. Adjusted Trial Balance December 31, 2017Account Title Debit Balances Credit Balances Cash 77,000Accounts Receivable 29,000 Prepaid Insurance 16,000 OfficeEquipment 60,000 Accumulated Depreciation OfficeEquipment 40,000 Accounts Payable 6,000 Salaries Payable8,000 Income Taxes Payable 4,000 Common Stock 2,000Retained Earnings 25,000 Dividends 5,000 Fees Earned175,600 Rent Revenue 92,000 Interest Revenue 17,200Salaries Expense 71,000 Selling Expense 31,600 IncomeTaxes Expense 15,000 Insurance Expense 17,000Depreciation Expense 47,200 Miscellaneous Expense 1,000369,800 369,800 The Closing Process60,000 40,000 6,000 8,000 4,000 2,000 25,000 5,000 OfficeEquipment Accumulated Depreciation Office Equipment

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Term
Fall
Professor
NoProfessor
Tags
Accounting, Generally Accepted Accounting Principles, Roscoe Chandler

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